Professor Patrick Honohan:

We want to be a little bit careful about who was director of DEPFA at what time. I am surprised to hear the Deputy say that person was the director at that time but perhaps the Deputy is right.

From what I understand about the DEPFA story at that time, and the interactions, there were approaches from DEPFA, which is no longer a licensed bank, to the Central Bank for emergency liquidity. The Irish authorities, in consultation with the Department of Finance, although I am not sure if it was in consultation with the Department or the Minister, the Central Bank decided not to accede to this emergency liquidity assistance, ELA, request and left the problem for the German authorities to solve. That was a sensible decision.